Founded by Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna in 2016, TheMathCompany, now MathCo, is an enterprise AI and analytics startup
The startup offers AI-powered solutions to global enterprises, enhancing their sales, operations, and collaborative planning, forecasting, and replenishment (CPFR) to optimise the entire supply chain
The startup's operating revenue grew 4X to INR 420 Cr in FY23 from a mere INR 103 Cr in FY21
In the ever-evolving tech landscape, the intersection of AI and data is the result of years of research. By 2015, advancements in technology and an abundance of data marked a turning point in data analytics. This enabled companies to use analytics for informed decision-making, significantly transforming industry operations.
At the peak of this transition in 2016, Sayandeb Banerjee, Aditya Kumbakonam, and Anuj Krishna founded TheMathCompany, now MathCo, an enterprise AI and analytics startup. Since its inception, it has evolved to help Fortune 500 companies make data-driven decisions.
In addition to this, the startup offers AI-powered solutions to global enterprises, enhancing their sales, operations, and collaborative planning, forecasting, and replenishment (CPFR) to optimise the entire supply chain.
After securing their first big client, a Fortune 500 company, within a year after its incorporation in 2017, the cofounder trio raised $50 Mn from investors like Patni Financial Advisors in 2019 and Brighton Park Capital in 2022.
The startup’s operating revenue jumped 4X to INR 420 Cr in FY23 from a mere INR 103 Cr in FY21. Notably, as per MCA data, MathCo’s bottom line declined to INR 4.2 Cr in FY23 from INR 14.5 Cr in FY22 and INR 14.1 Cr in FY21.
However, this dip in profit could be attributed to the change in the company’s go-to-market strategy. The CEO and cofounder Banerjee said that the bottom line took a hit as they were focussed on establishing teams in the US and Europe to reduce the reliance on running remote operations from India. This expansion, along with the development of NucliOS, MathCo’s proprietary platform, needed a huge investment.
Helping Companies With Data-Backed Decision Making
Imperative to mention that the cofounders were colleagues at data analytics giant Mu Sigma which made them realise that one size cannot fit all and every organisation needed tailored solutions to address their own set of unique challenges and requirements.
They found that while innovative solutions were being developed, their adoption and integration into decision-making processes remained a laggard. This realisation prompted MathCo to build custom products and pivot from merely providing answers to cultivating lasting analytical capabilities within client organisations.
“That’s how our entire approach to building custom products has evolved. It’s not just about delivering a solution confined to PowerPoint or Excel dashboards, it’s about developing applications or products that grow and adapt. We now focus on creating products capable of addressing recurring queries and empowering users to find solutions independently. By placing this capability directly in the hands of our customers, custom product development has become integral to our business,” Banerjee said.
To facilitate these, MathCo has built NucliOS, its proprietary platform, on which they build all their tools. This insight led them to pivot towards building custom products rather than one-time solutions.
Further, with the advent of GenAI, MathCo’s journey has now extended beyond bridging the aforementioned consumption gap. Instead of working only on traditional ML algorithms and predictive models for various business applications such as demand forecasting, customer segmentation and supply chain optimisation, it has started building GenAI solutions.
This has not only expanded their service portfolio but also solidified their position as a leader in the data analytics and AI solutions space.
“Our innovation arm helped us get a head start in terms of truly understanding this new technology, how it can be leveraged for our enterprises, and what kind of solutions or use cases of generative AI will be most useful and valuable for our company. So, over the last one and a half years, there has been a lot of growth and evolution in terms of building GenAI solutions or overall AI solutions,” Banerjee said.
Where Is MathCo Headed?
Currently, MathCo offers solutions related to data analytics, data science and data engineering, and GenAI. It has also built an AI-powered platform, NucliOs, which offers fully customisable frameworks to build data products for powerful business integration.
Looking ahead, MathCo aims to solidify its position as the undisputed leader in its field. The company’s roadmap includes strategic initiatives aimed at further enhancing its offerings and expanding its market reach. This includes a heightened focus on engineering excellence and the development of innovative AI-driven solutions to meet evolving client needs.
Moreover, MathCo is exploring new avenues for growth, both organically and through strategic partnerships. While its direct sales approach has served it well thus far, the company recognises the potential for exponential growth through channel partnerships and collaborations with industry giants. Additionally, MathCo is considering acquisition opportunities that align with its strategic vision and bolster its market presence.
Meanwhile, almost 85% of MathCo’s revenues currently come from North America, primarily the US. The remaining portion of its revenue comes from Europe, where we have a presence in both the UK and mainland Europe.
As per Banerjee, MathCo’s goal is to cement its position as the foremost authority in data analytics and emerge as the go-to partner for enterprises seeking transformative solutions.
The company’s playbook of offering tailor-made solutions to its enterprise clients has worked in its favour since it started its operations in 2016. In addition, MathCo’s strategic expansion into the US and Europe, coupled with the development of their proprietary platform NucliOS, highlights the commitment to innovation.
Despite a temporary dip in profitability due to strategic investments, the company’s robust revenue growth and expansion plans seem to be promising.
As the startup toils to stay ahead of the curve in providing cutting-edge data analytics solutions to its clients, industry tailwinds will likely pave the way forward. Meanwhile, the data analytics market is projected to grow from $51.55 Bn in 2023 to a staggering $279.31 Bn by 2030, piggybacking on the growing recognition of the strategic value that data-driven insights offer to organisations worldwide.
[Edited by Shishir Parasher]
